The blockchain system seems to be percolating into different industries every day. This is after cloud computing giants Red Hat was reported to be looking to incorporate blockchain technology in their operations. Red Hat is reportedly looking to the blockchain to help track software usage. The advent of new marketing models when it comes to the selling of software on new platforms requires new techniques of tracking usage. The blockchain has the capability to effectively store this information according to a patent issued last Thursday by the United States patent and trademark office. The application reveals in detail how blockchain technology could help track transactions across a given platform where each represents an instance of customers using the company’s products.
Details on the application indicate that software products are often licensed annually. Usage of the product is only possible after an annual fee is paid. Change is on the way though, as billing for the licensing of software products is set to change giving options for either annual billing or use based billing. The application further stated that blockchain billing rules identify software usage rules for different software. Red hat’s foray into the blockchain has been cemented by a deal penned between Red hat and BlockApp.
Commenting on the deal, Asheesh Badani, vice president and general manager of Red hat’s Openshift, expressed his excitement, stating that the partnership would give Openshift users who are innovating using blockchain technologies the tools to quickly take advantage and effectively utilize the blockchain. Developers would also benefit by taking advantage of the power of blockchain Apps. The blockchain has grown from a playground ventured into by a small group into a space being ventured into by big institutional investors such as NASDAQ, IBM, accounting firms, insurance firms and also Microsoft. The blockchain is increasingly becoming the growth engine of the Silicon Valley.
The blockchain has captivated the mind of many in a manner that has been compared to when Prometheus bequeathed the gift of fire to humanity according to some commentators. A senior NRG technology official Chris Taylor remarked that the world was currently on the ground floor of one of the most significant transitions in the history of humanity. Blockchain technology looks bulletproof and a panacea for everything automated. The blockchain is capable of handling loan clearances, stock issues, or bank transfers. Anton Hofland, CEO of 2024 sight believes there are limits to the blockchain. According to Hofland, the blockchain works best with little human input. This is because humans are unreliable with the ability to forget, lie, defraud and make mistakes. Machines, on the other hand, do not have these shortcomings. The blockchain promises to smartify these machines and make them better and smarter.
I am a crypto enthusiast based in Nairobi Kenya, who loves investing, research writing, reading, fitness, African food, and soccer.
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